On Valentine’s Day, New Yorkers Tell Governor Hochul to “Break Up with Billionaires and Landlord
Albany, NY - As the housing crisis in New York reaches critical levels, advocates from across the state are coming together to demand immediate action from Albany. Today, the Invest in Our New York campaign and Housing Justice for All coalition hosted a day of action at the Legislative Office Building in Albany, calling for a state budget that prioritizes tenant protections, affordable housing access, and equitable taxation of the ultra-rich.
For too long, working-class families have borne the brunt of New York's housing crisis, facing displacement and financial instability while the wealthiest individuals and corporations continue to influence policymaking in Albany. With millions of dollars flowing into political campaigns and lobbying efforts, these millionaires and billionaires have tilted the scales in their favor, exacerbating the housing crisis and deepening inequality across the state.
"We cannot continue to allow the ultra-rich to dictate the terms of our housing policies while thousands of New Yorkers are left without stable housing," said Cea Weaver, Campaign Coordinator for Housing Justice For All, which is an Invest in Our New York Steering Committee organization. "It's time for Albany to prioritize the needs of working-class communities by passing a budget that raises taxes on millionaires, billionaires, and wealthy corporations and invests in true solutions to New York’s housing crisis like fully funding the Housing Access Voucher Program and establishing a Social Housing Development Authority.”
The day of action included a rally and press conference, bringing together legislators, advocates, community groups, and concerned New Yorkers to demand a fair tax code and adequate housing for all. Advocates delivered Valentine’s Day Cards to legislative offices, calling on lawmakers to “Break up with billionaires and landlords,” and pursue meaningful housing policy during the 2024 session. Members of the Invest in Our New York Campaign and Housing Justice for All Coalition also testified at the joint legislative budget hearings on revenue and housing, stressing the need to increase public funds to invest in critical programs and services that keep people safe, healthy, and housed.
“Decades of disinvestment from our communities have led to an ever-growing affordability crisis, forcing middle and working-class families to leave New York and settle in states where it’s easier to make ends meet. In the meantime, the number of millionaires in New York keeps growing, and giant corporations are making astronomical profits,” said Carolyn Martinez-Class, Director of the Invest in Our New York Campaign. “Lawmakers have a real opportunity to invest in the needs of everyday New Yorkers. Making the super-wealthy pay their fair share will generate billions of new public dollars every year that we can use to keep New Yorkers safe and help them thrive.”
Higher taxes on the ultra-rich and more funding for housing both remain widely popular among New York residents. A December 2023 Siena Poll found that 67% of New York voters are in favor of raising taxes on large, profitable corporations and the top 5 percent of earners. The same poll found that 56% of voters were unsatisfied with what the state government is doing to provide access to affordable housing for all New Yorkers.
“Millions and millions of dollars are missing from our economy. They’re hidden away in assets like art, yachts, and expensive assets that grow in value and increase billionaires’ wealth without ever being taxed. When there is a deficit, we need to be clear-eyed about what real fiscal responsibility looks like. It looks like fully funding schools, hospitals, and child care, not catering to billionaires,” said State Senator Jessica Ramos, chair of the Senate Labor Committee and lead sponsor of the Invest in Our New York Billionaire’s Mark to Market bill.
"Nothing encapsulates better that New York protects its ultra-rich than the 17,500 millionaires we gained in the state as households with an annual income of $248,000 or less left in elevated numbers. At a time when the average New Yorker faces harsh uncertainties despite unprecedented economic growth, there is no such thing as a historic budget unless we tax the largest corporate profits and the super-wealthy," said Assemblymember Sarahana Shrestha, co-lead sponsor of the Invest in Our New York Corporate Tax bill.
We have brought a new, rational, comprehensive solution to the housing affordability crisis to the table: the Social Housing Development Authority (SHDA) (Senate Bill 8494/Assembly Bill 9088). The SHDA will do one thing well and without fail: provide, preserve, protect and produce 100% permanently affordable housing all over this State that will be forever affordable,” said Senator Cordell Cleare, lead Senate sponsor of the Social Housing Development Authority bill.
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